- MITI, during the 1960s-1980s, promoted the scrapping of existing industries once those industries encountered problems and building of new industries. What were the problems that led to curbing:
a. Light manufacturing in the 1950s and early 60s.
b. Heavy industry in the early 1970s
c. Machinery, auto, information equipment, etc. by the late 1980s.
- What was the “high yen crisis”? How did Japanese firms respond? How did this contribute to de-industrialization in Japan beginning in the late 1980s?
- Hart-Landsberg writes that, because of the high yen crisis, wages were too low in yen terms, but too high in dollar terms. What does he mean by this?
- Many economists argued that the deep depression in Japan in the 1990s, caused by the bursting of the “bubble economy,” failed to respond to aggressively expansionary monetary policies because the economy was in a liquidity trap. But Koo argues that the real problem was a balance sheet recession. What’s the difference? What evidence does Koo give for this. What is a balance sheet recession?
- South Korea, in its rush to develop, emulated some Japanese planning practices and Japanese industrial organization. Explain.
- However, the treatment of workers in South Korea was entirely different from workers’ treatment in Japan. Explain.
- Korea in the 1980s and early 1990s became heavily dependent on technology transfers until Japanese firms began withholding technology from Korea. Why did the Japanese do this? How did this affect Korea’s markets?
- Because of its tremendous and early success in building of export industries, many economists have pointed to South Korea as an example of successful export-led growth. However, economist Alice Amsden and others argue that Korea was anything but a model of free markets and free trade. Discuss this.
The third arrow of Abenomics (structural reform) addresses three problems Japan faces – (a) a rapidly aging population and shrinking workforce, (b) falling or stagnant wages and increase in non-regular employment, (c) low economic status of women. Choose two or three policies Abe proposes to deal with each of these issues and briefly discuss them.
China exhibits an exceptionally fascinating case that effectively repudiates each examination refered to up until now and the presumption that monetary improvement influences popular governments to develop and persevere. Truth be told China, demonstrates the opposite. Since 1949, the People's Republic of China has been a socialist state and has grown monetarily to the point that it is the second biggest economy on the planet, some would contend the biggest economy on the planet dependent on buying power equality. Truth be told by Joseph Stiglitz who got the Nobel Prize in Economics in 2001, China has overwhelmed the United States as the world's biggest economy[i]. Moreover, China has outperformed the US as the world's biggest exchanging nation,[ii] China is the world's biggest holder of remote money reserves[iii], China is the world's biggest exporter[iv], and China has lifted a bigger number of individuals out of neediness than some other country.[v] Despite these improvements, it is still not in the best 30 nations in the Human Development Index. China's monetary advancement is irrefutable but regardless it remains a non-majority rule nation. Another nation that could be delegated such is Saudi Arabia that has a high monetary advancement yet at the same time remains a flat out government. Iran and the Holy See are in similarly comparable positions; theocracies that have accomplished a high financial advancement. Regardless of the considerable number of speculations introduced about the connection between's monetary improvement and popular governments, there are still no answers concerning what is the most basic to the development and support of majority rule governments. Lipset et al have appeared monetary improvement is fundamental to the upkeep of vote based system and few would contend with that given the prevalence of information to recommend that. In any case, what adds to the rise of majority rules system is somewhat difficult to reply>GET ANSWER